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2(1)The maximum amount of a financial penalty that may be specified in a notice of intent given to a person who is carrying on a business consisting of the provision of goods or services is 1% of the qualifying turnover of the person.
(2)In sub-paragraph (1), “qualifying turnover”, in relation to a person, means the amount of the person’s turnover for their most recent complete accounting period (or, if their first accounting period has not yet ended, the amount the appropriate authority estimates to be the likely turnover for that period).
(3)For the purposes of sub-paragraph (2) the amount of a person’s turnover for an accounting period is, in the event of a disagreement between the person and the appropriate authority, the amount determined by that authority.
(4)For the purposes of this paragraph—
“accounting period”, in relation to a person, means a period in respect of which accounts are prepared in relation to that person;
“turnover”, in relation to a person, means the amounts derived from the provision of goods and services by the person, after deduction of trade discounts, value added tax and any other taxes based on the amounts so derived.
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